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As per WhaleStats data, MATIC is one of the top 10 purchased tokens in the last 24 hours as the crypto market dips. The market is experiencing a slight dip in the last 24 hours as investors weigh the possibility of a March rate hike after Wednesday’s FOMC minutes. The MATIC price is experiencing a dip like the rest of the market.
In the last 48 hours, MATIC has seen significant buying from whales. The most recent was that of an Ethereum whale ranking the fourth largest among the 1000 wallets tracked by WhaleStats, acquiring 750,000 MATIC tokens, or $1,342,500 worth.
🐳 An ETH whale just bought 750,000 $matic ($1,342,500 USD).
Ranked #4 on WhaleStats: https://t.co/EIH4SaZXdR
Transaction: https://t.co/Mm4nvbTcn1#ethereum #whalestats
Whale activity has been linked to a significant impact on cryptocurrency markets, including digital asset prices and market capitalization. When a large buy order is placed, the price of a particular cryptocurrency might skyrocket because it signals to the market that the asset is in greater demand.
MATIC is teetering at $1.77, down 1.05% in the last 24 hours. IntoTheBlock analytics data shows that MATIC sits on top of a significant support barrier. The region between $1.55 and $1.66 may act as a backstop to further losses as more than 46,000 addresses previously purchased 3.67 billion MATIC at this demand zone.
Data shows that #Polygon sits on top of a significant support barrier.
More than 46,000 addresses had previously purchased 3.67 billion $MATIC between $1.55 and $1.66.
Holding above this demand zone can prevent and sell-off and push #MATIC higher. pic.twitter.com/ftqK0EdIlO
In recent developments, Polygon recently deepened its integration with Filecoin. As part of the partnership, Filecoin and Polygon began to create grants and hackathons to assist development teams and NFT projects that use Polygon blockchain to integrate with Filecoin and InterPlanetary File System (IPFS).
Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.